Eurohold Bulgaria to seek BGN 62.5m on the stock market

Eurohold Bulgaria to seek BGN 62.5m on the stock market

Financial and industrial group Eurohold Bulgaria expects to raise BGN 62.5 million on the stock market through a share issue, it said on Wednesday. Via the transaction, approved by its board of directors on December 21, Eurohold expects to double its capital to BGN 125 million. The group intends to place 62.5 million new shares at a price of BGN 1.0 each with its current shareholders. The hike will be considered successful if at least 25% of the shares are subscribed for. Eurohold has hired its investment intermediary Euro-Finance to handle the issue. The funds will be used for boosting the equity of the group's insurance units and its leasing arm Eurolease Auto, as well as for acquisitions, the group's supervisory board chairman Asen Asenov told Dnevnik. The proceeds will not go towards debt refunding, as the group has only one obligation under a mezzanine financing of EUR 15 million, he added.